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Aggregate Planning
A process in organizations that helps in balancing production capacity and demand over a medium time range to optimize costs.
Forecast Errors
The difference between forecasted values and the actual values that occur, indicating the accuracy of forecasting methods.
Aggregate Plans
Aggregate plans are company-wide plans that are laid out for production, inventory levels, and workforce size to meet fluctuating demand in the most cost-effective manner.
Capacity
Refers to the maximum level of output that a company can sustain to make a product or provide a service.
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